LSU Athletics to transfer $10 million to other school initiatives
BATON ROUGE - The LSU Athletic Department announced it will transfer over $10 million this fiscal year to other university components for use in supporting the school's academic, research, public, service and other goals.
"Our athletic department is sincerely committed to supporting the academic mission of the university, and we're extremely proud to transfer over $10 million this year," Vice Chancellor and Director of Athetlics Joe Alleva said Monday. "These funds provide vital resources for our students, faculty and staff, and they help to sustain LSU as one of the top research institutions in the country."
Over the past five fiscal years, LSU's athletic department has contributed a total of $43.5 million to the Baton Rouge campus.
Starting in 2012, the department has annually presented $7.2 million to the university in accordance with the Athletics Fund Transfer Policy, originally approved by the LSU Board of Supervisors. This policy states that in years in which LSU Athletics yields a surplus, a portion of that surplus in addition to the $7.2 million may be given to the university.
The surplus produced during the most recent fiscal year allows for an additional $2.8 million to be funneled into the school's other efforts with the total fund transfer equalling $10.05 million.
"This surplus comes on the heels of an extremely challenging budget year, and the real beneficiaries will be our students, " said LSU President F. King Alexander. "Few athletic departments across the country have the capacity to give back to their university the way ours does, and we appreciate their deep commitment to all our students."
Along with the annual fund transfer, LSU Athletics also pays the university $13.2 million each year to go toward student-athlete scholarships.
This year's surplus funds will be for one-time instructional, research and student endeavors, including awards for outstanding faculty, classroom/lab construction and renovation, and student support.